ADB strengthens CSR commitment as it makes significant gains

The Agricultural Development Bank PLC (ADB) has doubled its commitment to Corporate Social Responsibility (CSR) as the bank records significant gains in its unaudited statement of financial position as of September 2024.

Twice winner of the Ghana Banking Award’s Most Socially Responsible Bank and Best Corporate Social Responsible Bank at the Ghana Business Awards, in demonstrating its commitment in this regard, spent (GHS5,375 million) in respect of Corporate Social responsibility for the period ended 30 September 2024.

In its published Financials for Q3, the bank stated “A total amount of GHS5,375 million (compared with September 2023: GHS3,906) was spent in respect of Corporate Social responsibility for the period ended 30 September 2024; these included sponsorship for Best Farmer award, donation to schools and others of national interest.”

The Managing Director of ADB PLC, Alhaji Alhassan Yakubu-Tali, emphasized that the increase in CSR investment reflects the bank’s mission to not only serve customers but also to contribute positively to society as a whole.

“By directing more resources toward social initiatives, we aim to continuously help reduce poverty, create a lasting positive impact, and support sustainable growth,” the MD stated.

Key areas of concentration included rural communities, agriculture, vulnerable or disadvantaged groups, underprivileged schools, environment, health, sports, culture and social/humanitarian.

The Managing Director noted that the Bank’s activities have a wider impact on society, and contribute to the socioeconomic development of the country. “This therefore imposes a duty on us to champion the need to support the very people who have contributed to the sustenance of the Bank. This duty also reinforces our mission to foster economic empowerment and sustainability across Ghana,” he said.

“We believe that ADB’s ability to support many social projects also plays a role in building customer loyalty and we would continue to support the less privileged and other just causes,” the MD maintained.

The Bank’s published 2024 Q3 financial figures show an impressive profit before tax of GHC176.414 million compared with GHC26.999 million recorded during the same period in 2023, representing a profit growth of over 600 percent.

Profit after tax stood at GHC111,827 million for the period under review compared with a profit after tax of GHC2.040 million recorded during the same period last year.

The liquidity ratio of the Bank also grew from 91.94% in 2023 to 125.55% as of the end of September 2024, and deposits have also witnessed significant growth from GHC7.75 billion to GHC11.15 billion.